{"id":"F2006L04192","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 91 of 2006 - Reporting Standard GRS 450.0 (2007) Interest in Controlled Entities and Joint Ventures","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-91-of-2006-reporting-standar","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":61163,"registerId":"commonwealth-F2006L04192-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Schedule","sectionType":"part","heading":"Schedule","content":"#   \nSchedule\n\nReporting Standard GRS 450.0 (2007) Interest in Controlled Entities and Joint Ventures comprises 14 pages commencing on the next page.","sortOrder":0},{"sectionNumber":"Reporting Standard GRS 450.0 (2007)","sectionType":"part","heading":"Reporting Standard GRS 450.0 (2007)","content":"## Reporting Standard GRS 450.0 (2007)","sortOrder":1},{"sectionNumber":"Interest in Controlled Entities and Join","sectionType":"part","heading":"Interest in Controlled Entities and Joint Ventures","content":"# Interest in Controlled Entities and Joint Ventures\n\n### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on an annual basis, information on controlled entities and joint venture operations/entities.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 450.0 Interest in Controlled Entities and Joint Ventures (Form GRF 450.0) and the instructions to that form (which are attached and form part of this reporting standard).\n\n# Purpose\n\n1.  Data collected in Form GRF 450.0 is used by APRA for the purpose of prudential supervision of general insurers.\n\n# Application and commencement\n\n2. This reporting standard applies to all insurers on and from 1 January 2007.\n\n# Information required\n\n3. An insurer must provide APRA with the information required by Form GRF 450.0 for each reporting period.\n\n# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form GRF 450.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\nWhere the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).\n\nNote: the Direct to APRA application software and paper forms may be obtained from APRA.\n\n# Reporting periods and due dates\n\n5. Subject to paragraph 6, an insurer must provide the information required by this reporting standard in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.\n\n6. APRA may, by notice in writing, change the reporting periods, or specified reporting periods for a particular insurer to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or\n\n(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).\n\n7. The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.\n\n8. APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.\n\n# Authorisation\n\n9. The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n10. If the officer of an insurer provides the information required by this reporting standard:\n\n(a) under subparagraph 4(a), the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or\n\n(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 12.\n\n11. If an insurer provides the information required by this reporting standard through an agent under either subparagraph 4(a) or (b), the agent will not be required to sign or authorise the information. However, the insurer must:\n\n(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and\n\n(b) cause the paper copy to be signed in accordance with paragraph 12; and\n\n(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).\n\nNote: APRA may, for example, determine to waive the requirement under subparagraph 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n12. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).\n\n# Minor alterations to forms and instructions\n\n13. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n> 14. If APRA makes such a variation it must notify general insurers in writing.\n\n> Transition\n\n> 15. An insurer must report in relation to a reporting period ending prior to 1 January 2007 in accordance with the reporting standard that this reporting standard replaced.\n\nInterpretation\n\n16. In this reporting standard:\n\napproved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\n# Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;\n\n# reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.\n\n17. A reference to a prudential standard means the prudential standard, made under section 32 of the Insurance Act, mentioned in the reference, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.","sortOrder":2},{"sectionNumber":"Objective of this reporting standard","sectionType":"division","heading":"Objective of this reporting standard","content":"### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on an annual basis, information on controlled entities and joint venture operations/entities.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 450.0 Interest in Controlled Entities and Joint Ventures (Form GRF 450.0) and the instructions to that form (which are attached and form part of this reporting standard).","sortOrder":3},{"sectionNumber":"Purpose","sectionType":"part","heading":"Purpose","content":"# Purpose\n\n1.  Data collected in Form GRF 450.0 is used by APRA for the purpose of prudential supervision of general insurers.","sortOrder":4},{"sectionNumber":"Application and commencement","sectionType":"part","heading":"Application and commencement","content":"# Application and commencement\n\n2. This reporting standard applies to all insurers on and from 1 January 2007.","sortOrder":5},{"sectionNumber":"Information required","sectionType":"part","heading":"Information required","content":"# Information required\n\n3. An insurer must provide APRA with the information required by Form GRF 450.0 for each reporting period.","sortOrder":6},{"sectionNumber":"Forms and method of submission","sectionType":"part","heading":"Forms and method of submission","content":"# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form GRF 450.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\nWhere the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).\n\nNote: the Direct to APRA application software and paper forms may be obtained from APRA.","sortOrder":7},{"sectionNumber":"Reporting periods and due dates","sectionType":"part","heading":"Reporting periods and due dates","content":"# Reporting periods and due dates\n\n5. Subject to paragraph 6, an insurer must provide the information required by this reporting standard in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.\n\n6. APRA may, by notice in writing, change the reporting periods, or specified reporting periods for a particular insurer to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or\n\n(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).\n\n7. The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.\n\n8. APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.","sortOrder":8},{"sectionNumber":"Authorisation","sectionType":"part","heading":"Authorisation","content":"# Authorisation\n\n9. The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n10. If the officer of an insurer provides the information required by this reporting standard:\n\n(a) under subparagraph 4(a), the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or\n\n(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 12.\n\n11. If an insurer provides the information required by this reporting standard through an agent under either subparagraph 4(a) or (b), the agent will not be required to sign or authorise the information. However, the insurer must:\n\n(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and\n\n(b) cause the paper copy to be signed in accordance with paragraph 12; and\n\n(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).\n\nNote: APRA may, for example, determine to waive the requirement under subparagraph 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n12. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).","sortOrder":9},{"sectionNumber":"Minor alterations to forms and instructi","sectionType":"part","heading":"Minor alterations to forms and instructions","content":"# Minor alterations to forms and instructions\n\n13. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n> 14. If APRA makes such a variation it must notify general insurers in writing.\n\n> Transition\n\n> 15. An insurer must report in relation to a reporting period ending prior to 1 January 2007 in accordance with the reporting standard that this reporting standard replaced.\n\nInterpretation\n\n16. In this reporting standard:\n\napproved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.","sortOrder":10},{"sectionNumber":"Principal Executive Officer means the pr","sectionType":"part","heading":"Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;","content":"## ![](image.001.png)\n\n## Reporting Standard GRS 450.0 (2007)\n\n# Interest in Controlled Entities and Joint Ventures\n\n### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires general insurers (insurers), including foreign general insurers (foreign insurers) operating in Australia through branch operations, to report to APRA, generally on an annual basis, information on controlled entities and joint venture operations/entities.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with Form GRF 450.0 Interest in Controlled Entities and Joint Ventures (Form GRF 450.0) and the instructions to that form (which are attached and form part of this reporting standard).\n\n# Purpose\n\n1.  Data collected in Form GRF 450.0 is used by APRA for the purpose of prudential supervision of general insurers.\n\n# Application and commencement\n\n2. This reporting standard applies to all insurers on and from 1 January 2007.\n\n# Information required\n\n3. An insurer must provide APRA with the information required by Form GRF 450.0 for each reporting period.\n\n# Forms and method of submission\n\n4. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or\n\n(b) by manually completing Form GRF 450.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.\n\nWhere the information is submitted by means of an agent to whom the insurer has outsourced the function of providing the information on the insurer’s behalf, the agent may only provide the information in accordance with subparagraph 4(b) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under subparagraph 4(a).\n\nNote: the Direct to APRA application software and paper forms may be obtained from APRA.\n\n# Reporting periods and due dates\n\n5. Subject to paragraph 6, an insurer must provide the information required by this reporting standard in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: APRA proposes to determine exemptions, under section 7 of the Insurance Act 1973 (Insurance Act), from the obligations under Part IV Division 4 of the Insurance Act in respect of the auditing of information provided under this reporting standard.\n\n6. APRA may, by notice in writing, change the reporting periods, or specified reporting periods for a particular insurer to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or\n\n(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 5).\n\n7. The information required by paragraph 3 of this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.\n\n8. APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.\n\n# Authorisation\n\n9. The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n10. If the officer of an insurer provides the information required by this reporting standard:\n\n(a) under subparagraph 4(a), the officer must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the insurer who have authority from the insurer to transmit data to APRA); or\n\n(b) under subparagraph 4(b), the completed form must be signed in accordance with paragraph 12.\n\n11. If an insurer provides the information required by this reporting standard through an agent under either subparagraph 4(a) or (b), the agent will not be required to sign or authorise the information. However, the insurer must:\n\n(a) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under subparagraph 4(a) or (b)); and\n\n(b) cause the paper copy to be signed in accordance with paragraph 12; and\n\n(c) lodge the signed paper copy with APRA by mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, waives the requirement to lodge the signed paper copy with APRA by varying this reporting standard in relation to the insurer).\n\nNote: APRA may, for example, determine to waive the requirement under subparagraph 11(c) where an insurer has undertaken to retain the signed copy of the completed form for an agreed period of time.\n\n12. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).\n\n# Minor alterations to forms and instructions\n\n13. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n> 14. If APRA makes such a variation it must notify general insurers in writing.\n\n> Transition\n\n> 15. An insurer must report in relation to a reporting period ending prior to 1 January 2007 in accordance with the reporting standard that this reporting standard replaced.\n\nInterpretation\n\n16. In this reporting standard:\n\napproved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\n# Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;\n\n# reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.\n\n17. A reference to a prudential standard means the prudential standard, made under section 32 of the Insurance Act, mentioned in the reference, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.","sortOrder":11},{"sectionNumber":"reporting period means a period mentione","sectionType":"part","heading":"reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.","content":"# reporting period means a period mentioned in paragraph 5 or, if applicable, paragraph 6.\n\n17. A reference to a prudential standard means the prudential standard, made under section 32 of the Insurance Act, mentioned in the reference, as amended from time to time. If the prudential standard has been revoked and replaced, the reference shall be taken to be to the prudential standard that has replaced it.","sortOrder":12},{"sectionNumber":"Reporting Form GRF 450.0","sectionType":"part","heading":"Reporting Form GRF 450.0","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":13},{"sectionNumber":"Instruction Guide","sectionType":"division","heading":"Instruction Guide","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":15},{"sectionNumber":"Introduction","sectionType":"division","heading":"Introduction","content":"### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.","sortOrder":16},{"sectionNumber":"Basis of preparation","sectionType":"part","heading":"Basis of preparation","content":"## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.","sortOrder":17},{"sectionNumber":"Reporting lag","sectionType":"part","heading":"Reporting lag","content":"## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities","sortOrder":18},{"sectionNumber":"For the purposes of this form, “Entity\" ","sectionType":"section","heading":"For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":19},{"sectionNumber":"For the purposes of this form, “controll","sectionType":"section","heading":"For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":20},{"sectionNumber":"(1) Name of Controlled Entity","sectionType":"section","heading":"(1) Name of Controlled Entity","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":21},{"sectionNumber":"Report the full name of the controlled e","sectionType":"section","heading":"Report the full name of the controlled entity.","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":22},{"sectionNumber":"(2) Description/Nature of Business","sectionType":"section","heading":"(2) Description/Nature of Business","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":23},{"sectionNumber":"In the space provided, detail a brief de","sectionType":"section","heading":"In the space provided, detail a brief description of the main business conducted by the entity.","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":24},{"sectionNumber":"(3) APRA Regulated General Insurer","sectionType":"section","heading":"(3) APRA Regulated General Insurer","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":25},{"sectionNumber":"If the controlled entity is an APRA regu","sectionType":"section","heading":"If the controlled entity is an APRA regulated general insurance entity input ‘yes’.","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":26},{"sectionNumber":"(4) Country of Incorporation","sectionType":"section","heading":"(4) Country of Incorporation","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":28},{"sectionNumber":"This is the country in which the entity ","sectionType":"section","heading":"This is the country in which the entity is incorporated.","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":29},{"sectionNumber":"(5) Ownership Percentage %","sectionType":"section","heading":"(5) Ownership Percentage %","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":30},{"sectionNumber":"Disclose the percentage of the reporting","sectionType":"section","heading":"Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":31},{"sectionNumber":"(6) Fair Value of Investment in Controll","sectionType":"section","heading":"(6) Fair Value of Investment in Controlled Entity","content":"###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:","sortOrder":32},{"sectionNumber":" The quoted market price (i.e. bid or a","sectionType":"section","heading":" The quoted market price (i.e. bid or ask price) in an active and liquid market; or","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":33},{"sectionNumber":" When there is infrequent activity in a","sectionType":"section","heading":" When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available — a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":34},{"sectionNumber":"(7) Goodwill net of impairment or Intang","sectionType":"section","heading":"(7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":35},{"sectionNumber":"Disclose that component value of the rep","sectionType":"section","heading":"Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":36},{"sectionNumber":"(8) Fair Value of Controlled Entity","sectionType":"section","heading":"(8) Fair Value of Controlled Entity","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":37},{"sectionNumber":"Disclose the fair value of the controlle","sectionType":"section","heading":"Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":38},{"sectionNumber":"(9) & (10) Disclosure of Gross Assets an","sectionType":"section","heading":"(9) & (10) Disclosure of Gross Assets and Gross Liabilities","content":"###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:","sortOrder":41},{"sectionNumber":" Australia;","sectionType":"section","heading":" Australia;","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":42},{"sectionNumber":" New Zealand;","sectionType":"section","heading":" New Zealand;","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":43},{"sectionNumber":" USA;","sectionType":"section","heading":" USA;","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":44},{"sectionNumber":" UK;","sectionType":"section","heading":" UK;","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":45},{"sectionNumber":" South East Asia (excluding Japan);","sectionType":"section","heading":" South East Asia (excluding Japan);","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":46},{"sectionNumber":" Continental Europe; and","sectionType":"section","heading":" Continental Europe; and","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":47},{"sectionNumber":" Other.","sectionType":"section","heading":" Other.","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":48},{"sectionNumber":"Part B: Interest in Joint Venture Operat","sectionType":"section","heading":"Part B: Interest in Joint Venture Operations/entities","content":"###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.","sortOrder":49},{"sectionNumber":"(1) Name of Joint Venture","sectionType":"section","heading":"(1) Name of Joint Venture","content":"###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.","sortOrder":50},{"sectionNumber":"(2) Description/Nature of Main Business","sectionType":"section","heading":"(2) Description/Nature of Main Business","content":"###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.","sortOrder":51},{"sectionNumber":"This is the country in which the joint v","sectionType":"section","heading":"This is the country in which the joint venture is incorporated.","content":"## Reporting Form GRF 450.0\n\n## Interest in Controlled Entities and Joint Ventures\n\n### Instruction Guide\n\n### Introduction\n\nThis form captures information on the reporting insurer’s interest in controlled entities, joint venture entities and joint venture operations.\n\nAudit requirements\n\nThe information provided under the form is not required to be audited and has been exempted from the definition of ‘yearly statutory accounts’.\n\nReporting entities\n\nForms are to be completed for the following reporting entities where appropriate:\n\n1.  Authorised insurance entities (including mutuals); and\n2.  Authorised reinsurance entities.\n\nUnit of measurement\n\nThis form is to be presented in Australian currency, rounded to thousands of dollars, with no decimal place. Amounts denominated in foreign currency are to be converted to AUD in accordance with AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nThe general requirements of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ for translation are:\n\n1.  Foreign currency monetary items[\\[1\\]](#_ftn1) outstanding at the reporting date must be translated at the spot rate[\\[2\\]](#_ftn2) at the reporting date.\n2.  Foreign currency non-monetary items[\\[3\\]](#_ftn3) that are measured at historical cost in a foreign currency must be translated using the exchange rate at the date of the transaction.\n3.  Foreign currency non-monetary items that are measured at fair value will be translated at the exchange rate at the date when fair value was determined.\n\nTransactions arising under foreign currency derivative contracts at the reporting date must be prepared in accordance with AASB 139 ‘Financial Instruments: Recognition and Measurement’. However, those foreign currency derivatives that are not within the scope of AASB 139 ‘Financial Instruments: Recognition and Measurement’ (eg some foreign currency derivatives that are embedded in other contracts) remain within the scope of AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\nFor APRA purposes equity items must be translated using the foreign currency exchange rate at the date of investment or acquisition. Post acquisition changes in equity are required to be translated on the date of the movement.\n\nAs foreign currency derivatives are measured at fair value, the currency derivative contracts are translated at the spot rate at the reporting date.\n\nExchange differences should be recognised in profit and loss in the period which they arise. For foreign currency derivatives, the exchange differences would be recognised immediately in profit and loss if the hedging instrument is a fair value hedge. For derivatives used in a cash flow hedge, the exchange differences should be recognised directly in equity.\n\nThe ineffective portion of the exchange differences in all hedges would be recognised in profit and loss.\n\n4. Translation of financial reports of foreign operations.\n\nA foreign operation is defined in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’ as meaning an entity that is a subsidiary, associate, joint venture or branch of a reporting entity, the activities of which are based or conducted in a country or currency other than those of the reporting entity.\n\n-   Exchange differences relating to foreign currency monetary items that form part of the net investment of an entity in a foreign operation, must be recognised as a separate component of equity.\n-   Translation of financial reports should otherwise follow the requirements in AASB 121 ‘The Effects of Changes in Foreign Exchange Rates’.\n\n## Basis of preparation\n\nInsurers are requested to follow the recognition and measurement basis required by the APRA forms for the purposes of completing this form.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer.\n\n## Reporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in Reporting Standard GRS 450.0 Interest in Controlled Entities and Joint Ventures.\n\n  \nSpecific instructions\n\nThis form is separated into the following parts:\n\n1.  Part A: Interest in Controlled entities\n2.  Part B: Interest in Joint Venture Operations/entities\n\nThe requirements for each of these are detailed below:\n\nPart A: Interest in Controlled Entities\n\n###### For the purposes of this form, “Entity\" means any legal, administrative, or fiduciary arrangement, organisational structure or other party (including a person) having the capacity to deploy scarce resources in order to achieve objectives.\n\n###### For the purposes of this form, “controlled entities” is to be interpreted as defined in AASB 127 ‘Consolidated and Separate Financial Statements’. AASB 127 ‘Consolidated and Separate Financial Statements’ defines a “subsidiary\" as meaning an entity, including an unincorporated entity, which is controlled by a parent entity. A parent is an entity that has one or more subsidiaries.\n\n###### (1) Name of Controlled Entity\n\n###### Report the full name of the controlled entity.\n\n###### (2) Description/Nature of Business\n\n###### In the space provided, detail a brief description of the main business conducted by the entity.\n\n###### (3) APRA Regulated General Insurer\n\n###### If the controlled entity is an APRA regulated general insurance entity input ‘yes’.\n\n###### If the controlled entity is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the entity is incorporated.\n\n###### (5) Ownership Percentage %\n\n###### Disclose the percentage of the reporting insurer ownership of shares or units of the controlled entity.\n\n###### (6) Fair Value of Investment in Controlled Entity\n\nDisclose the fair value of the investment of the reporting insurer in the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Controlled Entity\n\n###### Disclose that component value of the reporting insurer’s investment in the controlled entity that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Controlled Entity\n\n###### Disclose the fair value of the controlled entity. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) & (10) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the controlled entity is an APRA regulated general insurer. This type of information is reported in GRF 400.0 Statement of Risk by Country.\n\nThe countries/regions listed on the form are:\n\n######  Australia;\n\n######  New Zealand;\n\n######  USA;\n\n######  UK;\n\n######  South East Asia (excluding Japan);\n\n######  Continental Europe; and\n\n######  Other.\n\n###### Part B: Interest in Joint Venture Operations/entities\n\nFor the purposes of this form, the reference to joint venture includes a joint venture entity and a joint venture operation. Joint venture entity and joint venture operation is to be interpreted as defined in AASB 131 ‘Interests in Joint Ventures’. An extract of the definition in AASB 131 is provided below:\n\nJoint venture means a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control.\n\nJoint ventures take many forms and structures. This standard identifies three broad types \\- jointly controlled operations, jointly controlled assets and jointly controlled entities.\n\nThe following characteristics are common to all join ventures:\n\n(a) two or more venturers are bound by a contractual arrangement; and\n\n(b) the contractual arrangement establishes joint control\n\nJointly controlled operations involves the use of assets and other resources of the venturers rather than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers themselves.\n\nJointly controlled assets involve the joint control or joint ownership by the venturers of one or more assets contributed or acquired to the purpose of the joint venture\n\nJointly controlled entities involve the establishment of a corporation, partnership, or other entity in which each venturer has an interest.\n\n###### (1) Name of Joint Venture\n\nReport the full name of the joint venture.\n\n###### (2) Description/Nature of Main Business\n\nIn the space provided, detail a brief description of the main business conducted by joint venture.\n\n###### (3) APRA Regulated General Insurer\n\nIf the joint venture is an APRA regulated general insurance entity input ‘yes’.\n\nIf the joint venture is an APRA regulated general insurance entity, then details on exposure of gross assets and gross liabilities in the various countries/geographical regions as required by the form does not need to be completed.\n\n###### (4) Country of Incorporation\n\n###### This is the country in which the joint venture is incorporated.\n\n###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.\n\n###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (7) Goodwill net of impairment or Intangible Component of Investment in Joint Venture\n\nDisclose that component value of the reporting insurer’s investment/interest in the joint venture that comprises goodwill net of impairment and other forms of intangible assets.\n\n###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:\n\n######  The quoted market price (i.e. bid or ask price) in an active and liquid market; or\n\n######  When there is infrequent activity in a market, the market is not well established, small volumes are traded relative to the asset or liability to be valued, or a quoted market price is not available – a realistic estimate of fair value on the basis of the results of a valuation technique that makes maximum use of market inputs, and relies as little as possible on entity-specific inputs.\n\n###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.\n\n###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":54},{"sectionNumber":"(5) Ownership Percentage or Interest in ","sectionType":"section","heading":"(5) Ownership Percentage or Interest in Joint Venture %","content":"###### (5) Ownership Percentage or Interest in Joint Venture %\n\nDisclose the percentage of the reporting insurer ownership or interest in the joint venture.","sortOrder":55},{"sectionNumber":"(6) Fair Value of Investment/Interest in","sectionType":"section","heading":"(6) Fair Value of Investment/Interest in Joint Venture","content":"###### (6) Fair Value of Investment/Interest in Joint Venture\n\nDisclose the fair value of the investment/interest of the reporting insurer in the Joint Venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:","sortOrder":56},{"sectionNumber":"(8) Fair Value of Joint Venture","sectionType":"section","heading":"(8) Fair Value of Joint Venture","content":"###### (8) Fair Value of Joint Venture\n\nDisclose the fair value of the joint venture. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's-length transaction, and is determined as follows:","sortOrder":60},{"sectionNumber":"(9) Net Income Recognised from Interest ","sectionType":"section","heading":"(9) Net Income Recognised from Interest in Joint Venture","content":"###### (9) Net Income Recognised from Interest in Joint Venture\n\nDisclose the net income recognised from the reporting insurer’s interest in the joint venture.","sortOrder":63},{"sectionNumber":"(10) Country (for which Gross Assets and","sectionType":"section","heading":"(10) Country (for which Gross Assets and Liabilities is reported)","content":"###### (10) Country (for which Gross Assets and Liabilities is reported)\n\nThe countries/regions listed on the form are:\n\n-   Australia;\n-   New Zealand;\n-   USA;\n-   UK;\n-   South East Asia (Excluding Japan);\n-   Continental Europe; and\n-   Other.\n\n(11) & (12) Disclosure of Gross Assets and Gross Liabilities\n\nDisclose the ‘Gross Assets’ and ‘Gross Liabilities’ reported by country or geographic region specified on the form. This is to be based on where the assets are invested and liabilities are located. Enter the relevant details for each country/region as appropriate.\n\nDo not disclose this information if the joint venture is an APRA regulated general insurer.","sortOrder":64}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2061},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The legislation maintains its original scope of requiring general insurers to report interests in controlled entities and joint ventures to APRA for prudential supervision purposes. No material expansion beyond this reporting obligation is evident."},"complexity_factors":["Integration of external accounting standards (AASB 121, AASB 127, AASB 131, AASB 139) for foreign currency translation and entity definitions","Conditional reporting logic (exemptions for APRA-regulated entities regarding geographic asset/liability disclosures)","Dual submission mechanisms with differing authorisation requirements (electronic digital signatures vs paper signatures)","Specific defined terms including 'foreign insurer', 'approved auditor', and 'reporting period' that cross-reference the Insurance Act 1973","Procedural requirements for agent-submitted data requiring duplicate paper copies with manual signatures"],"plain_english_summary":"General insurers operating in Australia (including foreign branches) must annually report details of controlled entities and joint ventures to APRA using Form GRF 450.0, providing ownership and financial connection information. Submissions are due four months after the insurer’s year‑end, must be authorised by the CEO or CFO, and can be lodged electronically or by mail. The requirement gives APRA oversight of group structures and exposure to assess systemic and group-level risk."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-91-of-2006-reporting-standar","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-91-of-2006-reporting-standar/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-91-of-2006-reporting-standar/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-91-of-2006-reporting-standar/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-91-of-2006-reporting-standar/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-91-of-2006-reporting-standar/documents"}}